Capital Gains Tax

Capital Gains Tax

For many, Capital Gains Tax is an impenetrable subject that ties their personal or businesses finance in knots. We’re here to untangle them, and make sure you get the best advice available.

Firstly, what is it? Capital Gains Tax is payable to HM Revenue & Customs (HMRC) when an individual, trust or company sells , transfers or gifts property (tangible or intangible) to another entity realising a substantial financial gain.

As with most taxes, there are numerous exemptions and reliefs available, most of which are complex and require specialist advice. That’s where Dains comes in. Some assets are not liable to Capital Gains Tax, whereas others are only liable above a certain value. There is also an annual allowance, enabling individuals to make small gains on disposals each year without paying any tax at all. If you own anything of value and decide to sell it, you potentially fall within the realms of Capital Gains Tax. If you do not inform HMRC of your disposal, you could also be liable to penalties where HMRC feels it appropriate.

Complicated and detailed calculations are required in order to finalise how much Capital Gains Tax is payable on the disposal of a particular asset. There are many reliefs and exemptions available, which can reduce or eliminate your tax bill, and should help ensure you pay the minimum amount of Capital Gains Tax.

The Dains team has many years of experience in effective tax planning strategies to protect business and personal assets from the impact of Capital Gains Tax. Through a mixture of knowing what deductions can be made in computing the taxable gain, we can make a substantial impact on the actual Capital Gains Tax payable, whether the disposal has been made or is being considered, and help negotiate with HMRC in order to achieve the most favourable valuations.

The team has shown considerable technical ability, attention to detail, responsiveness and commercial awareness in supporting us in relation to all forms of employee reward/incentives via project work and an on-going retainer. Given the company’s rapid growth and ambitious plans, this has been invaluable.

The team has shown considerable technical ability, attention to detail, responsiveness and commercial awareness in supporting us in relation to all forms of employee reward/incentives via project work and an on-going retainer. Given the company’s rapid growth and ambitious plans, this has been invaluable.

Contact Us

Registered office: The registered office is St. Johns Court, Wiltell Road, Lichfield, Staffordshire, WS14 9DS. Dains is a trading name of Dains LLP.

Legal Information

Dains LLP is a limited liability partnership registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk for the UK and www.cro.ie/auditors for Ireland, under reference number C001528129 and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales, number OC331125.